Banks, Employment, Estonia, Financial Services, Good for Business, Technology

Neivelt and Viik are about to present the solutions offered by Pocopay to the public next week.

"We are not a payment service. We will be offering everyday banking services," Neivelt told the newspaper. He said that while they weren't a bank either, people could handle most of their everyday banking with them.

"We just don't take deposits, and don't lend either," he said.

Neivelt said that where banks usually were coming up with new apps, Pocopay had created a standalone payment engine.

"The logic is simple: we take the good old bank account to which a bankcard is attached, and all the modern possibilities including eurozone payments. And we add to it modern and convenient functions," he said.

Neivelt said that, for instance, the service makes things very simple for a parent working in Finland to help his child who needs money in Estonia. The child would send a request for money, the request would be accepted in Finland and the money would move into the child's account in a second.

"At present banks have complex settlement systems, different databases even within the same group, clearing, etc. We have all clients in a single database, even in different countries. A transfer takes just one moment," Neivelt said.

The members of the management board of Pocopay are Linnar Viik and Vilve Vene. The members of the supervisory board are Indrek Neivelt, Liivi Kompus and Tea Trahov.

Its owners include Linnar Viik, Indrek Neivelt, Juri Kirme, Liivi Kompus, Heiki Kubbar, Jan Lakspere, Tea Trahov and Vilve Vene.

Until August 2015, the company operated under the name Elementare AS.